FACT Act: Evolving Identity Theft Fraud Risk Management

The FACT Act required institutions to develop identity theft prevention programs beginning in 2003. A lot of technology has evolved in the last 20 years and fraudsters are constantly developing new methods and new scams to steal personally identifying information. Couple that with new delivery methods for financial products and services, and the expectation that we continually evaluate our ID Theft Risk Assessment, red flags, policy and procedures is as important now as it ever has been. In this session we will explore fraud typologies and discuss operational considerations for combatting fraud.

Key takeaways:

• Identify statutory requirements for maintaining a current ID Theft Program
• Evaluate volving ID Theft risks and red flags
• Evaluate policy, procedures, and training requirements
• Understand fraud prevention measures
• Explore customer education methods